The credit card holders must know about the different costs that are hidden from the user. As a wise man, you should be aware of such hidden costs to protect yourselves from losses.
Some of the hidden costs are mentioned below:
1. The Credit Limit
The credit limit refers to the maximum amount of money that the card holder can spend at once through the card. You can obviously spend more than the limit. But, if you do so, then be prepared to pay the extra charges.
2. Carry Forward Amount
Often, people get the option from the bank to pay a minimum amount on the due date and the rest amount would be included or say, carry forward to the upcoming billing period. In such a case, the amount that is carry forwarded requires you to pay an interest on it. Also, you do not enjoy any interest-free period on any new purchase.
3. ATM Cash Withdrawal
Generally, users have to pay nearly 2-2.5% of the total amount withdrawn. If the ATM is not related to the bank off the credit card, then the fees is much higher.
4. Transferring Balance
You might have heard about zero interest balance transfer schemes. You might think that you may transfer the balance without any interest. But, some conditions are applied to this scheme, like there is a time limit of 3 months and if you exceed limit, you will have to pay dozens of interest.
Thus, while using the credit card, be alert always.
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